Should I build this product?
Context:
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I authored a book tailored as a lead magnet, addressing topics pertinent to my Ideal Customer Profile (ICP).
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Leveraging this lead magnet, I've engaged nearly 500 individuals, acquiring their contact details.
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A landing page promotes both the book and a prospective product. The marketing copy outlines envisioned features and benefits, albeit without an actual product behind the scenes, as validation is underway.
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Targeting mid-sized companies, the proposed product operates within the B2B domain.
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Despite it not being my forte, I've commenced outreach efforts, personally contacting prospects, albeit with some difficulty given my background as a software developer.
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Herein lies the feedback from the initial 20 calls: My introductory script typically entails introducing myself as the author of the book and proposing a software solution aligned with its themes. I inquire whether they perceive a need for such a product or if their needs are adequately met using tools like Excel. Additionally, I mention the imminent MVP and gauge their interest in testing it upon completion.
Feedback Breakdown:
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8 individuals (40%) have deemed the product unnecessary, citing Excel's sufficiency for addressing their needs. This reaffirms my belief that the solution caters to the more complex requirements of mid-sized B2B entities.
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5 respondents (25%) provided varied feedback, leaving me uncertain of their actual requirement. While their remarks suggest a potential lack of immediate necessity, they've expressed openness to reconsider upon product completion.
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7 participants (35%) validated the product. Their acknowledgment of Excel's limitations in addressing their requirements, coupled with their willingness to test the forthcoming product, serves as a validation milestone.
Next Steps and Considerations:
These are my questions for you all
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Should I expand my outreach efforts to gather more comprehensive feedback?
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Is it prudent to proceed with MVP development, followed by a re-engagement strategy targeting the remaining 480 prospects for potential sales?
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Or, alternatively, should I reassess the viability of the problem space and explore alternative avenues for solution development?
I can say from experience that Excel is a very, very, very difficult product to replace. I tried for the last year to build a financial tool for mid-sized B2B companies and failed. A few things to consider:
Is your product scalable? Do your leads have similar pain points that you can incorporate into your product, or do they each have a unique pain point which is why they are using Excel in the first place?
Have you thought about pricing? The issue is that a lot of mid-sized B2B companies have a low willingness-to-pay and Excel is free.
What other solutions are they currently using, if they are not using Excel? If this was in fact an urgent pain point, some product probably already exists out there.